Unitech Sunbreeze flat buyers seek government mediation

GURUGRAM: Dipti Kant Mishra regrets his decision to book a flat in Unitech Sunbreeze in Sector 69 in 2009. Eight years later, having paid up most of the money, Mishra is unsure about getting his dream home.

Construction at the site, which is far from over, stopped three years ago. The developer is tangled in a web of litigations. Unitech has so far collected over Rs 500 crore from around 700 Sunbreeze homebuyers. “Investing in a Unitech project was one of the worst decisions of my life. I’ve spent all my life’s savings and borrowed from a bank to pay for the flat. Not only have I exhausted all my savings, I have to pay EMIs for the loan, and run my family,” said a dejected Mishra, member of Sunbreeze apartments Buyers Welfare Association.

TOI hasn’t been able to get Unitech’s response despite repeated attempts. Unitech hasn’t also released any statement, following the arrest and bail of its managing directors, Ajay and Ramesh Chandra, in two separate cases in Gurgaon and Delhi.

The Chandra brothers were recently arrested by Delhi Police in connection with delay in giving possession in one of their projects in Gurgaon. In April, they were again arrested by the economic offences wing (EOW) of Gurgaon police, in a case of cheating and fraud related to a fixed deposit scheme the company had floated in 2012. The brothers are out on bail but have hundreds of cases pending in various courts.

“The chances of the company’s revival is very bleak. Government should step in and save thousands of gullible investors cheated by Unitech. They need to probe where all the money disappeared. They should either take over the project or hand it over to buyers to complete it,” said Mishra, adding they are ready to complete it on their own.

But this is not as easy as it sounds. As per information available, the land on which the project was developed, was mortgaged by Unitech to a financial institution.

In a case related to non-refund of money in the FD scheme, Unitech had submitted an explanation to National Company Law Tribunal, which stated that keeping in mind the downslide in the real estate industry, the FD scheme was critical for its financial health. Depositors had demanded the company’s assets be sold to liquidate their dues, but it was stated that all assets of Unitech were already mortgaged.

Mudit Mathur, who had also booked a flat in the project, and also invested in the FD scheme, alleged he was duped by Unitech. “I invested a substantial portion of my savings with Unitech in a flat at Sunbreeze and also their FD scheme. I dreamt of a home where we would live comfortably. Instead, I can neither have the house nor our hard-earned savings. It’s unfathomable what Unitech has done to innocent investors like me. I urge the governments of India and Haryana to save us,” said Mathur.

Sandeep Charan, who also booked a flat and invested in Unitech’s FD scheme, is distraught. “All my life’s savings are gone. The government should be strict with the Chandras,” said Charan, adding investors are hoping against hope the government will take strong action against Unitech.

 (source by:-The Economic Times)  

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